The European Central Bank (ECB) is considering a central bank digital liability called the “digital euro,” which is intended to complement cash and wholesale central bank deposits rather than replacing them. This would be a retail payment option for businesses and citizens throughout the euro area. The ECB is looking into supervising intermediaries like banks and payment service providers to distribute digital euros, with no access to user data. A digital euro would not be programmable money. The ECB has identified financial stability as a critical consideration and will use design features to reduce excessive usage. The ECB would use a set of common rules, standards, and procedures to ensure pan-Euro area reach, harmonized end-user payment experience, and freedom for market development. The digital euro would be free for consumers to meet their basic payments needs and accepted everywhere. The ECB aims to finalize user requirements by Q2 2022 and prepare for a possible project realization phase by Q3 2023.
https://www.ecb.europa.eu/paym/digital_euro/shared/pdf/Digital_euro_project_timeline.en.pdf